Date lodged: 22 May 2019
To ask the Scottish Government what effect its plan of increased productivity and balanced wage growth to increase the savings ratio has had on consumption growth.
Answered by: Derek Mackay 4 June 2019
Experimental statistics on the growth of GDP expenditure components in real terms were published within the GDP Quarterly National Accounts for Scottish published on the 1 May 2019. These provide emerging evidence that Scotland’s economy is starting to rebalance, with growth in consumption moderating and growth in exports picking up over the last two years. Business investment has fallen over the past year, a trend also observed in the UK as a whole, and which can be attributed to economic uncertainty surrounding Brexit. The statistics can be accessed at https://www2.gov.scot/Topics/Statistics/Browse/Economy/QNA2018Q4 .
Scotland’s Economic Strategy sets out the need to pursue a more balanced form of economic growth, through a greater contribution from investment and net trade, rather than consumption in order to achieve growth that is sustainable in the long-term.